CANADA - The C$96bn (US$84bn) Ontario Teachers' Pension Plan (OTPP) has completed its purchase of the first three of four marine container terminals in North America from Orient Overseas (International) Limited of Hong Kong.
The deal is worth a total of US$2.4bn, and the assets will be held within the plan's infrastructure and timber portfolio, which now totals US$6.5bn.
The first three purchases were TSI Terminal Systems Deltaport and Vanterm facilities in Vancouver, and Global Terminal and Container Systems in New Jersey.
OTPP said the New York Container Terminal purchase would likely be completed before mid-year.
"The new assets are now part of the pension plan’s infrastructure and timber portfolio, which also includes such world-class assets as Express Pipeline System (petroleum export pipeline), Scotia Gas Networks (gas distribution), InterGen N.V., and Northumbrian Water Group," OTPP said in a release.
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